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STC San Luis Obispo Chapter Presentation - page 6 / 12

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Topic

How to appropriate money gracefully from your clients’ accounts to yours

Carolyn, As You Like It Consulting

Mike, On The Same Page Technical Communications

Pros: Because I deal with individual clients on a one-to-one basis, they pay me right on the spot. This avoids any invoicing and waiting that other businesses have to do. However, if I start servicing businesses, which looks likely, then I would do what Mike does.

Pros:

“Healthy” payments; being able to plan investments for business growth.

Cons: Late payments; contractors usually the “first to go,” sometimes running the risk of getting “shorted”.

Cons: Individual clients don’t have as much money as businesses.

Greatest challenges: Establishing reasonable net payment terms (15, 30, 60, 90 days, or into the Twilight Zone); exchanging work completed for monetary compensation; don’t always have income on which you can depend.

Greatest challenges: Convincing people that my fee is worth it.

Approaches to meet the challenges: I usually compare my fees with what it costs to take my classes at Cuesta where you are always in a group of at least 8 people, and you don’t get to control the curriculum.

Approaches to meet the challenges: Agree to a solid contract, with payments spelled out and agreed to; get to know the Accounts Payable folks; get a Purchase Order number, and confirm the money is available; Bill regularly (include summary of services on each invoice).

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